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08/01/2014

GLG sued for an “incomprehensible” investment

Richard Desmond, founder of the British Northern & Shell media group, is seeking GBP20m in court from GLG Partners, an affiliate of Man Group, following losses on an “incomprehensible” investment, Bloomberg reports. Desmond explains that GLG Partners advised him to enter into a derivative transaction with Credit Suisse in 2007 as a counterparty. He invested about GBP50m in a product known as Constant Proportion Portfolio Insurance, a sort of swap. “It was incomprehensible except to an expert,” Desmond’s lawyers claim. Desmond says that GLG did not inform him of the risks. He lost GBP20m.
08/01/2014

Ignis adds to real estate team

The British asset management firm Ignis has recruited a asset manager and a product specialist as additions to its team dedicated to real estate, which has GBP3bn in assets under management. Jamie Horton, who had previously served as director of DTZ, will in February join the Glasgow office of Ignis as asset manager in charge of the UK Commercial Property Trust (GBP1.1bn in assets). For her part, Lucy Williams, former head of development at Lothbury Investment Management, will join the London office of Ignis as a product specialist.
08/01/2014

CIBC completes acquisition of an Invesco wealth management entity

The Canadian banking group CBC has completed its acquisition of the wealth management firm Atlantic Trust Private Wealth Management from Invesco for a total of USD210m. The acquisition comes as part of the strategy at CIBC to increase the share of the group’s profits derived from wealth management activities to 15%. Assets under management at Atlantic Trust total about USD24bn.
08/01/2014

Tendercapital veut se développer en France

Société de gestion d’actifs basée à Londres, Tendercapital a l’intention cette année de se développer en France et en Suisse, indique son président, Moreno Zani, interrogé par Bluerating. « Nous étudions des possibilités d’expansion de notre activité par le biais de l’acquisition d’une autre structure de gestion européenne qui pourrait se conclure d’ici à la fin du premier semestre 2014 », indique-t-il. La société de gestion indépendante a déjà ouvert des succursales en Irlande, en Italie, en Allemagne et en Russie. Elle propose des fonds actions et obligataires.
08/01/2014

GLG poursuivi en justice pour un investissement « incompréhensible »

Richard Desmond, le fondateur du groupe britannique de médias Northern & Shell, réclame 20 millions de livres en justice à GLG Partners, une filiale de Man Group, suite à des pertes sur un investissement « incompréhensible », rapporte Bloomberg. L’intéressé explique que GLG Partners l’a conseillé de nouer une transaction dans les dérivés en 2007 avec Credit Suisse en tant que contrepartie. Il a investi environ 50 millions de livres dans un produit connu sous le nom de Constant Proportion Portfolio Insurance, une sorte de swap. « C’était incompréhensible sauf pour un expert », estiment les avocats de Richard Desmond. Ce dernier affirme que GLG ne l’a pas prévenu des risques. Il a perdu 20 millions de livres.
08/01/2014

Ashmore obtient un statut RQFII auprès de la Chine

Ashmore, société de gestion londonienne spécialiste des marchés émergents, vient d’obtenir auprès de la China Securities Regulatory Commission une licence RQFII (RMB Qualified Foreign Institutional Investors) qui lui permettra d’investir sur les marchés domestiques des valeurs mobilières en Chine. La structure précise être la première société de gestion basée en dehors de Honk Kong à décrocher ce statut.L’obtention de cette licence s’inscrit dans le cadre de l’allocation d’un quota RQFII de 80 milliards de renminbi à Londres.Cotée à la Bourse de Londres, Ashmore gère un encours de 78,5 milliards de dollars.
08/01/2014

L’ancien responsable marchés émergents de Barings rejoint Alquity

Roberto Lampl, l’ancien responsable des actions marchés émergents de Barings Asset Management, a rejoint Alquity Investments à Londres en tant que responsable des investissements en Amérique latine. L’intéressé avait quitté Barings en juillet 2013. Il y avait été remplacé par Staffan Lindfeldt.
08/01/2014
Fonds

Schroders lance un fonds crédit européen

Schroders a lancé un nouveau fonds obligataire européen pour le responsable du crédit européen, Patrick Vogel, est en mesure de révéler Citywire. Le fonds Euro Credit Conviction sera principalement investi dans un portefeuille d’obligations et d’autres titres à taux fixes et flottants libellés en euros.
Fonds
08/01/2014
Fonds

Sarasin & Partners réaménage sa gamme de fonds multi-assets

Le gestionnaire d’actifs britannique Sarasin & Partners, détenu à 60 % par Bank J. Safra Sarasin, vient de renommer son fonds multi-asset Sarasin GlobalSar Cautious Fund de 137 millions de livres d’actifs en GlobalSar Strategic en raison sa contre-performance sur le marché, révèle Investment Week. Au cours des cinq dernières années, ce fond a dégagé un rendement de 33,2 % contre 45 % de rendement en moyenne pour le secteur. En parallèle, la société de gestion a également diminué de 25 points de base les commissions de performance des différentes classes de parts de ce véhicule.Par ailleurs, Sarasin & Partners a décidé de renommer deux autres fonds en raison de leur contre-performance au cours des années récentes. De fait, le véhicule International Equity Income, doté de 430 millions de livres d’actifs, a été rebaptisé Global Higher Dividend, tandis que le fonds Global Equity Income (195 millions de livres d’actifs) est devenu Global Higher Dividend.
Fonds
08/01/2014
Fonds

Goldman Sachs et KKR vont vendre leur participation dans Kion

Goldman Sachs et KKR vont vendre leur participation de 10,8 %, soit 10.681.388 actions, détenue dans Kion, deuxième fabricant mondial de chariots élévateurs coté à la Bourse de Francfort. La participation mise en vente rapporterait environ 330 millions d’euros, selon Reuters.
Fonds
08/01/2014
Fonds

Les gros fonds alternatifs attirent les investisseurs

Un petit nombre de fonds « blockbuster » draine l’essentiel des encours dans l’univers grandissant des placements alternatifs, constate Financial Times fund management. Ainsi, les 20 fonds alternatifs qui se vendent le mieux aux Etats-Unis et en Europe ont capturé des souscriptions de 150 milliards de dollars sur les trois dernières années, selon une étude commune de Brown Brothers Harriman et de Strategic Insight. Toutefois, des contraintes de capacité devraient obliger les investisseurs à se porter sur d’autres fonds.
Fonds
08/01/2014
Fonds

Mitsubishi lance un fonds sur l’immobilier commercial britannique

Mitsubishi a lancé un fonds d’investissement spécialisé dans l’immobilier commercial à Londres qui pourrait lever jusqu’à 500 millions de livres auprès d’institutions au Japon, rapporte le Financial Times. Le groupe nippon s’est associé avec UBS dans cette entreprise et fournira 50 millions de livres de fonds d’amorçage. Ce fonds pourrait dégager un rendement net de 8-10 % par an, soit environ 13 fois plus que les obligations du gouvernement japonais, selon Tak Ishikawa, CIO de la division gestion d’actifs de Mitsubishi.
Fonds
08/01/2014

Hausse des encours de Fisch AM

Le spécialiste suisse des obligations convertibles Fisch Asset Management a publié à fin 2013 des encours de 7,4 milliards de francs suisses, contre 7,3 milliards au début de l’année. La société de gestion se dit très satisfaite de cette évolution. Elle estime avoir su compenser par de bonnes souscriptions le départ des encours de Schroders. Le gestionnaire avait en effet annoncé en novembre sa décision d’internaliser sa gestion en obligations convertibles, déléguée depuis début 2008 à Fisch Asset Management.
08/01/2014

Zeus Capital étoffe sa gamme de Sicav

La boutique suisse de gestion d’actifs Zeus Capital renforce sa gamme de Sicav avec le lancement d’un nouveau fonds diversifié, baptisé Zeus Capital World Balanced Fund, rapporte Citywire. Ce véhicule opérera comme un fonds de fonds à travers toutes les classes d’actifs, investissant entièrement dans des fonds Ucits ou conformes à Ucits. La société basée à Lugano précise que cette Sicav a le potentiel pour investir dans les actions, les obligations, les convertibles, les matières premières et les changes.A l’instar de deux autres Sicav lancées par Zeus Capital, le World Balanced fund sera géré via un mandat confié à Lemanik Asset Management
08/01/2014

Wellington International Management gagne un mandat au Japon

Wellington International Management Company a décroché un mandat de gestion auprès du fonds de pension public japonais (Government Pension Investment Fund ou GPIF), le plus important fonds de pension du pays avec 1.270 milliards de dollars d’actifs sous gestion à fin juin 2013, rapporte le site d’information Asia Asset Management. Dans le cadre de ce mandat, dont le montant n’a pas été dévoilé, Wellington aura pour mission de gérer une partie des actions étrangères du GPIF. Wellington International Management, filiale du groupe Wellington Management basé à Boston, est le huitième gestionnaire d’actifs sélectionné par le GPIF pour gérer ses actions étrangères, à côté d’Amundi Japan, MFS Investment Management, Natixis Asset Management, Nikko Asset Management Japan, BNY Mellon Asset Management, Mizuho Asset Management et Mitsubishi UFJ Trust and Banking Corporation.
08/01/2014
Fonds

GAM ferme un fonds inflation

Le fonds GAM Star Global Equity Inflation Focus va fermer ce mois-ci en raison d’un encours trop faible, est en mesure de révéler Citywire. Le fonds, géré en externe par Manning & Napier Advisors, affichait un encours de plus de 96 millions d’euros fin 2012, mais a désormais moins de 6 millions d’euros.
Fonds
08/01/2014

Credit Suisse dévoile une nouvelle présentation de ses résultats

Credit Suisse a présenté le 7 janvier une nouvelle présentation de ses résultats sur neuf mois adaptés à sa nouvelle structure d’entreprise, depuis la création en octobre dernier d’unités dites «non stratégiques». La banque a également repris ses résultats 2011 et 2012 à des fins de comparaison, en prévision des résultats au quatrième trimestre, qui devraient être publiés autour du 6 février, précise un communiqué.Pour diminuer la consommation de fonds propres et accélérer la réduction des coûts, Credit Suisse avait créé une unité non stratégique dans chacune de ses deux divisions (banque privée et gestion de fortune d’une part, banque d’investissement d’autre part). Dans la banque d’investissement, l'établissement a notamment transféré dans l’unité nouvellement créée son portefeuille de liquidation des activités à revenu fixe, des parties des activités de taux restructurées - notamment des instruments financiers n'étant pas conformes à Bâle III - et des positions structurées consommatrices en capital.La création de ces nouvelles unités n’aura aucun impact sur les résultats consolidés, pas plus que sur le résultat du cœur de métier de Credit Suisse, assure l'établissement. A noter par ailleurs que le chief financial officer pour l’Europe, le Moyen-Orient, et l’Afrique (EMEA CFO), Chris Carpmael, qui avait pris ses fonctions en février dernier, a quitté le groupe suisse fin 2013, selon le registre des services financiers britannique. Jason Forrester, responsable du reporting et de l’analyse des risques chez Credit Suisse, deviendra EMEA CFO à compter du 1er février.
08/01/2014

CIBC boucle l'acquisition d'une entité de gestion de fortune d'Invesco

Le groupe bancaire canadien CIBC vient de boucler l’acquisition auprès d’Invesco du gestionnaire de fortune Atlantic Trust Private Wealth Management pour un montant de 210 millions de dollars.Cette acquisition s’inscrit dans la stratégie de CIBC de porter à 15% la part des bénéfices du groupe tirés des activités de gestion de fortune. Les actifs sous gestion d’Atlantic Trust s'élèvent à environ 24 milliards de dollars.
08/01/2014

Long-term funds post EUR100bn in inflows in third quarter

Investment fund assets worldwide increased 1.9 percent during the third quarter to stand at EUR 23.37 trillion at end September 2013, according to the European Fund and Asset Management Association (EFAMA). In U.S. dollar terms, worldwide investment fund assets increased 5.2 percent to USD 31.56 trillion at end September 2013. Worldwide net cash inflows amounted to EUR 182 billion, up from EUR 109 billion in the previous quarter. A turnaround in net flows into money market funds was the main driver behind this result: net inflows amounted to EUR 81 billion, compared to net outflows of EUR 84 billion in the previous quarter. The United States registered net inflows of EUR 71 billion during the quarter accounting for much of these inflows. Net outflows from money market funds continued to be recorded in Europe (EUR 9 billion). Long-term funds (all funds excluding money market funds) continued to register net inflows amounting to EUR 100 billion during the third quarter, albeit down from EUR 193 billion registered in the previous quarter. Worldwide equity funds recorded increased net inflows of EUR 61 billion in net new money, up from EUR 28 billion in the previous quarter. Worldwide bond funds registered net outflows for the first time since the fourth quarter of 2008. Net outflows amounted to EUR 37 billion, compared to net inflows of EUR 31 billion in the previous quarter. Balanced funds recorded reduced net inflows of EUR 47 billion, down from EUR 57 billion in the second quarter.
08/01/2014

Large hedge funds attract investors

A small number of “blockbuster” funds is attracting most assets in the growing alternative investment universe, Financial Times fund management reports. The 20 hedge funds that sell best in the United States and Europe have captured subscriptions of USD150bn in the past three years, according to a joint study by Brown Brothers Harriman and Strategic Insight. However, capacity constraints are expected to drive investors to invest in other funds.
08/01/2014

SEB AM launches two funds in France

The Swedish asset management firm SEB Asset Management, an affiliate of the bank SEB, has licensed the SEB Global and SEB Eastern Europe ex Russia funds for sale in France. The first is an international equity fund managed (since 2010) by the Quantitative Portfolio Management team based in Stockholm. Its management process is based on quantitative filters which allow for efficient allocation of risk, Laurent Farcy-Briant, head of sales for France and French-speaking Switzerland at SEB AM, explains to Newsmanagers. The fund, which is denominated in US dollars, is available in two recently-created euro share classes, one for distribution and the other for institutionals. Its assets total USD710m as of 1 January. The second product launched in France by SEB is the Eastern Europe ex Russia fund. The fund, with assets of EUR135m, is invested in shares in companies of Eastern Europe, excluding Russia. It is managed by Alo Kullamaa in Tallinn, Estonia. The fund is eligible for PEA, a saving plan with fiscal advantages. Earlier this year, SEB also made its range of Scandinavian equity funds, which is already licensed in France, eligible for PEA. It is the SEB Nordic Fund, a Scandinavian equity fund managed by Tommi Saukkoriipi, formerly of Nordea; the SEB Nordic Small Cap fund, a fund specialised in Scandinavian small caps; and the SEB Nordic Focus Fund, a fund based on the best ideas of Scandinavian managers at the firm.
08/01/2014

Dorval Finance adds to “Managers” range

On the strength of its expertise in wealth management with its “Managers” range of equity funds and its range of totally flexible funds, the independent asset management firm Dorval Finance on 7 January announced at a presentation of its 2014 investment strategy that it had decided to extend its “Managers” range with the launch of the Dorval Managers Small Cap Euro fund. The firm may put its experience of more than eight years in the selection of quality managers and small companies to use for the fund. Small companies have historically represented nearly half of equity allocations to the Dorval Managers fund and have largely contributed to its good performance. For the new fund, Dorval Finance has extended its investment spectrum to a small cap universe of 785 securities which are eligible for PEA, distributed over the entire euro zone, including 235 companies in Germany, 172 in France, 97 in Italy, representing more than two thirds of the investment universe, with total market capitalisation of between EUR50m and EUR7bn, in line with the managerial filter developed by the management team, and matching transversal or sectroal investment themes.
08/01/2014

GAM closes an inflation fund

The GAM Star Global Equity Inflation Focus fund will be closing this month due to low asset levels, Citywire reveals. The fund, managed externally by Manning & Napier Advisors, had assets of over EUR96m as of the end of 2012, but now has less than EUR6m.
08/01/2014

Zeus Capital launches a diversified fund

The Swiss asset management boutique Zeus Capital is adding to its Sicav range with the launch of a diversified fund, the Zeus Capital World Balanced fund, Citywire reports. Last summer, the boutique had offered four funds domiciled in Luxembourg. The new fund will function as a fund of funds, which may invest in all asset classes, with 100% invested in funds in UCITS or UCIS formats. The fund is expected to show moderate volatility while remaining correlated to the major makets. The fund will be managed by Lemanik Asset Management.
08/01/2014

Mitsubishi launches a British commercial real estate fund

Mitsubishi has launched an investment fund specialised in commercial real estate in London, which may raise up to GBP500m from institutions in Japan, the Financial Times reports. The Japanese group has teamed up with UBS in the venture, and will supply GBP50m in seed funding. The fund may earn net returns of 8-10% per year, or about 13 times more than Japanese government bonds, according to Tak Ishikawa, CIO of the asset management division of Mitsubishi.
08/01/2014

Eight European Union countries in call for renewable energy

The French minister of the Ecology and seven European ministers are calling on the European Commission to go further in its reduction of greenhouse gas emissions, and to set “solid” objectives for renewable energies by 2030. Eight European ministers have formed a united front in favour of renewable energies. In a letter sent to commissioners Connie Hedegaard and Günther Oettinger, responsible for climate action and energy, respectively, the ministers ask for stronger EU objectives for renewable energies. Philippe Martin, French ecology minister, Sigmar Gabriel, the new German minister of the Economy, and Andrea Orlando, Italian minister of the Environment, signed the letter, composed by EurActiv. “We need to offer a solid and long-term regulatory framework to support sources of renewable energy, independent of divergences over operational details,” the ministers write. “An objective on renewable energies will reinforce European competitiveness and contribute to the creation of jobs and growth.” An objective in clean energy is “crucial” in order to make the investing businesses safe, the ministers continue. On 22 January, the Commission is expected to unveil a long-awaited “climate-energy package.” This will include proposed legislation in several areas, including schist gas, oil sand, structural reform of the carbon market and industrial competitiveness.
08/01/2014

Assets up at Fisch AM

The Swiss convertible bond specialist Fisch Asset Management at the end of 2013 published assets of CHF7.4bn, compared with CHF7.3bn at the beginning of the year. The asset management firm says it is highly satisfied with this development. It claims that it has been able to compensate with good subscriptions for the departure of assets at Schroders. The asset management firm had announced its decision in November to bring convertible bond management in house, which since 2008 had been outsourced to Fisch Asset Management.
08/01/2014

Credit Suisse unveils a new presentation of its results

Credit Suisse on 7 January unveiled a new presentation of its results over 9 months, adapted for its new corporate structure, since the creation of so-called “non-strategic” units last October. The bank has also reformatted its 2011 and 2012 results for comparison, pending results for fourth quarter, which are expected to be published on about 5 February, a statement says. To reduce consumption of owners’ equity and accelerate cost reductions, Credit Suisse had founded a non-strategic unit in each of its two divisions (private banking and wealth management on one side, investment banking on the other). In investment banking, the firm has transferred its newly-created fixed income activity liquidation portfolio, parts of restructured fixed income activities, including financial instruments which are not compatible with Basel III, and structured positions which consume owners’ equity. The creation of the units will have no impact on the consolidated results, nor on results for the core profession at Credit Suisse, the firm claims.
08/01/2014

Passion investments do better than equities

“Passion investments” can do better than a classic equity allocation. According to the first edition of an index launched by the British firm Coutts in conjuction with Fathom Consulting, called Coutts Index: Objects of Desire, investments which are related, for example, to a passion for artworks generally earn higher returns than investments in equities. The index captures the price return in local currency (net of the holding costs) of 15 passion assets across two broad categories: trophy property and alternative investments. Alternative investments can be further broken down into fine art, collectibles and precious items. Of all the alternative investments Coutts examined for the Index, classic cars have returned the most since 2005, rising by 257%, outpacing all other investments by more than 80 percentage points over the seven and-a-half-year timeframe. Classic watches have also proved they can stand the test of time, rising by 176% from 2005 to 30 June 2013. Jewels returned 146% in comparison, while the standout performer in the fine art space is the traditional Chinese works of arts sector, which rose by 163% between 2005 and 30 June 2013. Over the past seven and a half years, the Coutts Index, based in USD terms, has risen by 82% – over the same period, the MSCI All Country Equity Index has risen by 53%, based in USD terms.
08/01/2014

CSOP veteran launches a quant strategy

Alan Wu, former portfolio manager at the CSOP Asset Management company, based in Hong Kong, is planning to launch a quantitative fund dedicated to China early this year, Hedge Fund Intelligence reports. Wu left CSOP a few months ago to found his own firm.

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